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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  December 18, 2017 3:00pm-4:00pm EST

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he is the to pay less percentagewise. it's important to say on it. this is something that they could have fixed and they should have fixed. we are not getting any give on this issue. coming up we just really need to focus on this and push it. still in their untouched happy as a clam. we are going to ask.
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here we were asking last week could we hit 25,000 before christmas we could be before christmas that we see this. russia and china officially on notice. the financial networks. to try to shape a world to that interest and values. called on the public and private sector. to defend our way of life. the president also stressed jean -- stressed seen during that speech. one nation jumping into the u.s. with both feet in the u.s. has come on in. the youngest business minister in the european union. leading the charge.
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he is here live on that. tax reform priority number one. to tell us what we don't know. they left them with a very low rate. let's see if they get an answer from representative kelly what he said will happen to nation not just his state this bill passes. a big hour here. let's start the countdown.
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and we have this breaking is washington state governor jay ensley has declared a state of emergency after that tragic amtrak accident still been cleared in dupont, washington. it happened just outside seattle this morning during rush hour there. at least six people have been killed in that derailment. more than 70 passengers and crew members were on the board at the time of the crash. to the markets where the records just keep it coming. all of them new all-time highs. for its part is just exactly 24,800 points away. and today will be the record
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closed for 2017. it is the most ever record closes in an entire calendar year. two major food companies embedding in nearly 6 billion on healthier snack foods. they say the power of soup is out there especially during winter. campbell soup is set to buy snyder's pop chips. i would be a $4.87 billion deal. kettle brand chips. the largest you'll ever. in history. to slightly higher on the news and we see that up about 22 cents or half a% to 4981. they opened a new all-time high is charging ahead by seven and a third%. $50.23. skinny pops parent company amplify the first big food acquisition when it pertains to popcorn it's a major for
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a. they are doing it. it's up to slightly. wish you have brought that stock yesterday. let's take you right now on a flight to washington or present trump as a mentioned just delivered his america first national security strategy you would think weapons and walls and things like that. the president insisted that the focus on traditional military issues must be paired with economic issues like unfair trade practices in our economy. they are vowing to and what he calls the damaging defense seek quince and he wants to turn and i to outer space of course. stopping economic technological investment. all in one big bowl. blake burman outside the white house. tackling a lot of things so you say you can't have one
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without the other. to the national security strategy 55 page document that the president and the administration unveiled today. essentially how they viewed the world. the present talking about the need to keep america's economy in the front of the world economy saying he will not take part in unpaid fair trade practices and what he views as bad trade deals. he boiled us down to same economic security is national security. gdp growth which is way ahead of schedule under my administration will be one of the truly greatest weapons. the strategy in the paper at least. it also cast specific criticisms. in a quote china and russia
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challenge american power influence in interest attempting into to erode american security and prosperity. they talked about how he would be able to cooperate with russia in certain aspects. the cia was able to sweep toward a terrorist attack. the president also said that this country will defend its own values. we seek such opportunities of cooperation we will stand up for ourselves and our country like we have never stood up before. back to the economic scene. the national security strategy.
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that would very likely create the most jobs. potentially they're talking a $200 billion of government money potentially matching that with about a trillion or so. trade deals in security. the youngest business minister in all of the european union he has just started to work with united states to tackle both. he is here exclusively on u.s. and trade global business and his plans to make it the first country to go all in on crypto currency. with this breaking news just now the senate just gambled in session. we will keep an eye on it. things got a little bit crazy on countdown. in our timeslot let me get to
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adam shapiro. we have more breaking news. what have you found out. this implies it to investors. that first in first out provision. totally out of the final bill. we were getting leaks right and left. now foxbusiness and adam shapiro is live with up-to-the-minute latest news on that bill. what can you break for us now. there are some things we have not paid attention to. remember they were going to change a portion of the 4015. people 50 and over who did the ketchup might have been forced to pay taxes. totally out. if they don't change in any way under this bill. not something that did not get a lot of attention last week but if you do that for 1k catch up you can keep doing that.
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just one of the things that's going on. the other is that some of the republicans in high-tech states are lining up to vote no on this in the house. we expect the house about tomorrow around 2:00 p.m. you might want to stay up late tuesday night. it could very will get to this tuesday night and vote and pass it. the clock is sane later this week wednesday there is talk here on the hill they could get this done before midnight on tuesday. but where we stand right now because it's good to be contingent upon senate passing it. they are pushing very hard to pass by 3:00 p.m. at the latest. take listen to what we heard from one representative. they never ask for our help. i really hope i and i don't have a lot of hope that that from today until tomorrow when
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we will have the houseboat on wednesday and the senate vote we can get some democratic colleagues to come aboard and say you know what this may not be perfect but there is a lot of good here. we were no longer in the mix. one thing in the senate to keep in mind the bill is still passing even though john mccain is going to be in arizona because he is recovering from his cancer treatments. he is expected to be here for the senate vote. the bill could still pass with just a threshold of 49. he tweeted this morning. thank you to everyone for your support and words of a encouragement. just a minute ago just a minute ago you heard the representative from florida talking about the senate voted wednesday there could be a very good bet.
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they vote tomorrow night. they still have other work they've got to do. if the past the continuing resolution. they just mentioned that as the senate gather -- gambling. embed up the reality that this was the dream the reality certainly right now is that we are just days away december 22 from the government being shut down. we will see if they will be able to move another continuing resolution or at least pass something which is not quite likely at the moment. they moved in lockstep. how close must the market think we are too assigned a deal. it's now less than an hour away from making serious history. the record close in the single calendar year is now directly within the blue chip index graft. it has never achieved it before.
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what are they saying about that québec record. there is not an exhaustion on the contrary. they are looking at dow 25,000. they believe will happen. by the end of the year. there is a lot of optimism here. i goes down as the 70th record of the year. we've never seen 70 records and any calendar year. this is a very exciting day. competence is better. jobs are better. across the board the fundamentals in the economy every thing seems to be improving. i would say this type of day
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or we make history of all-time. pretty excited to be seen in here for this one. it's almost more important than a thousand point move. the closing belt we are about 47 minutes away. big day for stocks. not so much for j&j. they are stuck in the red side. tax reform priority number one is a senate has just gotten back to work in the last couple of minutes. the house less than two hours away from resuming its duties. all weekend long. got to read this thing. congressman mike kelly what he found deep in the pages of the tax reform plan and guess we will ask you congressman what happened. carried interest is still alive and ticking.
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you're going to wait and read it first. this is a staff of project this weekend. it is a great time to sit inside and had a couple coffee or some eggnog and go over the
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tax bill. on how he and his staff report over the just released gop tax bill. they vote on the bill early tomorrow afternoon. mike kelly a pennsylvania is with us now i head ahead of the big moment. tell me about your weekend. for seven years we've had 41 hearings and they really kept us up-to-date every day and what was going on we spent time on it and it was about 1100 pages. when you get into that a lot of that is stuff we have already seen ahead of time and had debated and made decisions on. a great piece of legislation by the way. go to ference about.com for that tax bill. there is something in there for everybody. and what a christmas gift for
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the nation. are you completely happy. is there anything in there that makes even slightly uncomfortable about this. i'm completely happy and completely comfortable. an average family of fort making about $73,000 per year gets another $2,100 take hope well had that less of a tax cut. the fact that their wages are going to go up. everybody's vote rises. this is the best christmas ever for me. seven at tax brackets at a bunch of new changes. can you really hold up to the postcard promise. a lot of people are questioning whether that can actually happen.
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the intention early on was about growth. everybody's vote was going to rise. it's probably can be a little bit bigger. they make out their tax return. he gets more complicated as you know. for individuals which is 90% of the people that run this wonderful government of ours. it will be easy for them to fill out their tax reform. we're down to 1100 pages in the bill. we are hearing from republican lawmakers and maybe some of them are your pals and congress. and new jersey's leonard lance. they will vote no. because the bill could curtails their ability to did the state and local taxes. they see it as pitting some states in the usa against others.
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why are some estates getting treated differently here. along the line of the standard deduction. and for married couples up to 24,000 that cuts in awful lot of taxes out right at the get go. they're always good to be pushing state. that's what they're supposed to do. i think if you look around the country people can be so happy with this bill were talking about growth. keeping companies at home and bringing jobs back. let's say you had two or three states that don't like the deduction and what can happen with that. what makes many more people really unhappy is that somehow the carried interest welfare for the over rich loophole that allows them in an awfully
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generous tax bracket of 20% it's a alive and well and untouched. we had been humoring in this weeks. and yet it remains. so now the rest of the world has suddenly woken up. for trump to promise to end it. everywhere he went. there has to be a name. who brought it to congress. how is carried interest still in this thing. i gets part of the status quote. people cannot concentrate on just that. to all of the good parts of it. the perfect is always the enemy of the good. i would make a list of everything i wanted to say i
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can on christmas morning i never got everything i ask for it but i was happy for everything i got. if santa have come down the chimney and handed it your dad the exact present you wanted and you didn't get it as a kid who has less money. if to understand understand people are not happy. were there lobbyists who are saying just leave this part alone. i did not talk to one person i didn't have anybody come into me and say you've got to keep this. it went through the both the house and the senate. it's part of our tax legislation. i would just ask people to please look beyond the little things that are bothering you. look at what is the end result more take-home pay. and for the corporations to be able to compete globally. we don't worry about a booming economy. that is not who we are.
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congressman think you very much. we appreciate it. thirty-six minutes rather follow me on twitter at liz claman. the youngest business minister in the european union he's making trades. this cold front, . winter has arrived. whooo! hahaha [vo] progress is an unstoppable force. brace yourself for the season of audi sales event. audi will cover your first month's lease payment on select models during the season of audi sales event.
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>> president trump just talked about closing borders and exiting trade deals. there is an eastern european nation that has been welcomed here with open arms. deals are being struck right and left with this country. wilbor ross. the youngest trade minister in the european union who is on a mission to bring an entergy to romania's trading relationship with the u.s.
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he's also the author of the book start of nation romania. you need real muscle and had to. in a foxbusiness exclusive wearing a few more clothes here. the minister of trade you are just west wilbur ross in dc. you came here to foxbusiness to tell us how did it go and how is it that you and romania has such a good and strong relationship. thank you very much for having me here. it's very important to mention first of all that romania is the boat most pro- u.s. company in the european union. 2% of our gdp.
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and we were the first country to do that and this is very important. 40% with that. it will go for new technology and the different systems. we actually bought a new system for different missiles. >> how much money had you spent. you've allocated to u.s. systems. it was a priority actually working with the u.s. companies because it's also part of our policy support team and the deal was $4 billion and so far the government actually just paid last week 766 million out of this amount. it was the first payment.
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you are in a romania and you border with ukraine. we are the east wing of the nato and the european union and of course we have to ensure the security of the borders of nato and the european union. that's why it's really important for us. start of nation romania has an unbelievable number of companies starting up when you have u.s. companies everyone from coke and pepsi and ibm that have operations on the ground in romania and now raytheon is opening an office. it is a real job creating a relationship that you head with the u.s. and now you are the first trade minister to say we should look at becoming a bit going nation what can bit going to for you. first of all i like starting
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missing the fact that it was a priority for me as a minister extending the partnership that we head with united states and this year were celebrating 20 years of having strategic partnership with the united states. of course everybody wants to expand these partnerships to the economic area it was a priority for us and this year we are two very important events. i was leaving the romanian delegation to select a usa and i was believing with the largest delegation and over 20 companies arrived here. also we are honored to be a host for the most important event the trade wind event. it is an important -- an event organized by the commerce. the u.s. companies and expanding their exports in the u.s. exports to romania actually increased with turkey.
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we are going to strike this historical moment the bilateral trade between our countries to reach $3 billion. it's really great news for both. let us know how the bit going thing goes. we want to see that. you so much for joining us. he is the youngest trade minister in the european union and does it matter what your age you are striking a great relationship with the united states. thank you. and we will put the men's health cover on the facebook.com page. we are about 20 minutes away. critics already forecasting a mass exodus from wall street to the hollywood hills. the warning of flares coming from all both sides of the aisle. what he has to say about the
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spheres that may unite both democrats and republicans.
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i need that stuff like you don't know. and now that you do, please give at cancer.org. this is turning into a massive response to that deadly amtrak derailment outside seattle. the fbi the ntsb and local officials all on site right now this is a life picture of what you're looking at trying to figure out how this horrific incident happened. this investigation will go well into the night and possibly tomorrow 13 train cars reportedly jumping the tracks and nearly 80 miles per hour on what was admitted for age for this particular train. the death toll is six. in more than 77 people now reported injured.
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the fbi says at this point there is no reason to suggest an elevated risk you have to believe that they are going to look in to terrorism as just one cause. as we wait for the vote on the tax reform bill we know what republicans think. we just heard from republican congressman mike kelly. and of course we know what the democrats and their talking points have been. what is really at stake here with the tax reform bill. let's bring it congressman brian higgins. a high tax state solidly blue. congressman, we know the talking points we know why new yorkers don't like this and we know what you believe will be a real hit to the economy in your state.
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tell us though how you anticipate this affecting other states even red states because i think that is a story that has not yet been told. as i can to change much. would he think you think is really can happen here. when the federal income taxes put into place so as a deduction in the ability to deduct state and local taxes. that was viewed as protection at the time. to keep the long arm of the federal government outside of state localities. that was protection. it has now been district away or at least reduced. the multiplier effect of that we don't really know at this point but new york like california and texas are high tax states with high populations. wiese -- we spend $40 billion each year more to washington than we received. with furious various parts of the federal government.
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two lower tax states. many of them red states. there is that imbalance where new yorkers have new jerseyans pay more in than they take out. maybe that is a signal. what do you have to medicate. i think that to the talking point. the local folks don't need protection but for the high-tech states. that's not true. every state has local taxes and state taxes which currently are deductible we are the united states of america i think the bottom line here is our economy has been lacking growth. we've been at about 2% for the past 20 years.
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we will see if we can get that up there. senator mike lee of utah who have been a no vote apparently is now said he will be i guess a vote at about at the moment. anything that you would get on board with. everything he said to support it has not been true. that ever came close to for every dollar that you give away in the tax-cut you could regrade -- regain according to most tax experts. the white house issued the report that the household income of every american household would increase by $49,000 a year.
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nobody believes that. that was the official statement. it appears that some polls are showing that people even republicans are not entirely onboard. who knows what the actual response will be. congressman, thank you for joining us. the closing bell 16 minutes away. bit quaint marking another milestone as they it they begin crating -- trading the last name. we will give you the volume numbers. he has a clan that has sold all of her bit points. cannot live without it.
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we're interrupting now because we have just got more on that deadly training crash outside seattle. washington state police have now confirmed that the train cars fell from above and as they did five cars automobiles into semi trucks were hit on the freeway below the derailment. a total of 13 train cars jumped the tracks. we are going to keep you up-to-date on all of the latest as the investigation continues and is expected to continue well into the night. the race of her domination. number two chicago mercantile exchange lost its first digital currency a week after
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the cboe did. tens of millions of dollars of bit quaint futures. we are calling you flock in flint. this is a trading floor. we're just does over 19,000. we are both the cash right now. put the ball volume numbers up if you could. they had been a trading for about a week and now.
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and their first day. dated over 4,000 contracts. that is a hundred million dollars the contract is a lot bigger. i want you to tell is the story you told me. karen young is an early adopter of crypto currencies before anybody knew what they were. other crypto currencies for years. she is moving to other crypto currencies.
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the main one she believes is next one that will be hot is ripple. this one you will stay sober with. basically she is playing a light coin. plus a lot of places and now i take this. there are pizza joints that take this in addition to the likes of that. microsoft. they will take it. if you need to spend the bit quaint this is your chance. they just told us that he expects the cme can make this a secure option.
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i never can say never. the move up we had been at up to 2000% since the beginning of the year. that is bigger than that dutch to a bowl. you have to be careful. we remember it well. flock and flint. it's a new a segment. we just decided. thanks guys. the closing bell is seven minutes away. what is old is new again. to muncie welcome to the jungle do and just two days. they were on the own action. could this year's record run to be leading us down another path that leads to the same ugly ending. that answer next on count on.
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>> remember that song? gangster paradise? that was the number one song back in 1995. why are we telling you that? that was the last year that the dow had a record number of record closes, 69. well we tied that on friday, the dow closed the year, back then at 5117. right now we're at 24, 797, we've come a long way since 95 we're just minutes away from setting a new historic high, 70 record closes in a single calendar year. matt roddy is at rockland trust. you get to witness this with us. give me a sense of whether we'll continue this big run here. it's pretty significant. >> yeah, i mean it feels a lot different than 1995. 1995 we were coming off three flattish years clearly we've had a number of years before this that were good so this feels
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like a little later cycle stage than 1995, but heck, you know, one out of three times you end up in the hall of fame with baseball with that type of bat ting average so we'll take what 2017 is which has given us which is the gift that keeps on giving its been a great year for risk assets and equity assets globally, not just in the united states but we're really up everywhere across the globe. >> we've locked steps with the belief that the tax plan might finally get done and when i say we i mean the markets we're about to see five record closes all the major indices so matt, specifically with the dow because it's the dow that has just broken that is about to break that record with a couple of minutes to go here. which dow stocks will lead us higher in 2018 in your opinion? >> yeah, i'd be focusing on some of the areas quite frankly that haven't run up as much specifically i'd be focusing on energy, i'm a big fan of schlumberger and exxon at these levels they certainly are in recovery stages themselves after
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what happened to them in 2016 when the whole energy and commodity market caught a flu. they've recovered quite a bit in their earnings and their health but their stocks haven't recovered as much and i think there's some value there and it is really tough to find value in the market today. it's a lot easier to be selling stocks for me personally than buying stocks when i look at the values. >> you buy the cheaper ones that haven't run up as much and there for, what names in the dow again it's only 30 stocks we know that but that's the story today. do you think will drive down the dow? or not necessarily drive down just sell off a bit, profit taking they've run up so much. >> yeah, it's going to be a tougher year to kind of continue to push higher. there's certainly some technology names in the dow that i'd be a little bit more nervous about. some of the ones i like in technology i'd still like microsoft here it hasn't really i think exceeded valuations by too too much. quite frankly its been a year that's really hard to find the value that you want going
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forward. >> great to see you matt roddey of rockland trust. guys you're witnessing history not just for the dow here but mostly there. the largest number of record closes in a single calendar year at 70 but all these indexes, they've all hit new record highs >> history is made on wall street the dow closing in a brand new record high for the 70th time this year. and the year ain't over this is the most record closes for the dow in a single year ever. stocks soaring across-the-board today of course the hope was that we are going to get a big fat juicy beautiful tax cut. that's what raised the value of stocks so much today we're glad you could join us i'm david asman. melissa: i'm melissa francis, first here is what else we are covering in this very busy hour. the fbi and the ntsb are on the ground investigating the cause of this deadly train derailment in washington